Table 3-2

-Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.At a price of $75, the quantity demanded in the market would be
A)6 oz.
B)46 oz.
C)52 oz.
D)127 oz.

Question

Table 3-2
 
-Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.At a price of $75, the quantity demanded in the market would be
A)6 oz. 
B)46 oz. 
C)52 oz. 
D)127 oz.

Quizplus · Accepted Answer

To find the quantity demanded in the market at a price of $75, we need to add up the individual quantities demanded by Ari, Sonia, and the rest of the market. At $75, Ari would demand 2 oz, Sonia would demand 5 oz, and the rest of the market would demand 45 oz (sum of the quantities at $75 in the "Market Demand" row). Adding these up, we get a total quantity demanded of 52 oz. Therefore, the correct answer is (C) 52 oz.

Table 3-2 -Refer to Table 3-2.The Table Above Shows the Demand Schedules